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| Home : Nigeria's GTBank targets loan growth, expansion |
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Mar 22
2012 |
Nigeria's GTBank targets loan growth, expansion |
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Nigeria's Guaranty Trust Bank (GT Bank) expects loan growth to top 16 percent in 2012, with return on equity of between 23 and 25 percent, while it starts expansion to French- speaking west Africa next month, the bank's chief executive said on Wednesday. |
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The lender grew its loan book last year by 20.6 percent to 715.84 billion naira ($4.5 billion), Segun Agbaje told an investors' conference call, pushing up profit before tax 35 percent to 65.6 billion naira.
He said the lender had completed its English-speaking west African expansion, with subsidiaries in Gambia, Ghana, Liberia and Sierra Leone and will drive its expansion into Francophone west Africa through a combination of acquisition and organic growth.
"Ivory Coast will open next month and it was a green field project. Over the next five to seven years we would look to expand into a number of other African countries," Agbaje said, adding there were 10 to 12 such countries it was targeting which were growing at 7 percent and had a decent population size.
He said the lender will set up between five and seven new branches in Nigeria this year to add to its existing 177-strong branch network in Africa's second biggest economy. ($1 = 157.65 naira). |
| Source:http://www.1888pressrelease.com/nigeria-s-gtbank-targets-loan-growth-expansion-pr-384060.html |
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